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Chilean government announces measures to expand credit access up to $8B, improve productivity

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Chilean government announces measures to expand credit access up to $8B, improve productivity

The Chilean government has announced an economic stimuluspackage with 22 initiatives aimed at improving the country's productivity andexpanding credit access by up to $8 billion, Pulso reported March 30, citing Finance Minister Rodrigo Valdés.

The stimulus package revolves around concerns that growth ofthe local economy "has been very disappointing in recent years andmonths," Valdés said.

"More and better financing is fundamental," saidChile's economy minister, Luis Felipe Céspedes, in regard to the move to expandcredit. One of the credit incentives is backed by CORFO, Chile's productiondevelopment corporation, where a credit line for about $81.6 billion is beingcreated for nonbank financial intermediaries, the report noted.

The measures also encourage insurance companies and pensionfunds to directly invest in infrastructure projects.

According to Valdés, the tax effect of the stimulus packageis "minimal," the publication said.